All Topics / Forum Frolic / Ever gone out on a limb to buy your place, did it work out ?

Viewing 7 posts - 1 through 7 (of 7 total)
  • Profile photo of maccmacc
    Participant
    @macc
    Join Date: 2016
    Post Count: 14

    Just deciding on whether to buy my new place or what.
    The thing is l’m not in the best position right now and although the house is very cheap and has a ton of potential, all though l want it as my home l’m not worried about potential but it has got heaps none the less.
    lt’s just that it could be very tight for the first yr or two and l’ll be scrapping just to get in the door and manage.

    Well l’m not married anymore so it’ll be on my own , no second wage back up. And l’m desperately needing and wanting to get resettled for me and my daughter. l like the town, like the house , love the spot and it is a buy and a half, it’s just that l would be going out on it for awhile at first.
    It’s not even dear and you’d probably laugh at the repayments, less than a cheap rent by todays standards and would be a lot lower after the 2nd yr bc of the setup , don’t ask. But it’s just the first yr or two could be a bit shaky and works been rough the last 12mths and all too. Spose l could always find extra work if needed would be the idea if stuck, l do have the time to do extra if l wanted.

    Ever felt like that, did you go ahead, did it all work out?

    • This topic was modified 5 years, 1 month ago by Profile photo of macc macc.

    macc

    Vic

    Profile photo of BennyBenny
    Moderator
    @benny
    Join Date: 2002
    Post Count: 1,416

    Hi Macc,

    l’m desperately needing and wanting to get resettled for me and my daughter. l like the town, like the house , love the spot and it is a buy and a half, it’s just that l would be going out on it for awhile at first.

    Sounds good to me, even if a bit tough…. but hey, I have found your gut is the one that will tell you for sure. Listen to it, and if it is totally happy, go for it.

    If it isn’t, endeavour to work out what it is not happy about (e.g. it might be that you “half-noticed” something adverse that your conscious mind is not considering).

    Benny

    Profile photo of TheNewGuyTheNewGuy
    Participant
    @thenewguy
    Join Date: 2014
    Post Count: 151

    What would you do otherwise? It sounds like a good deal considering what you’ve mentioned. If it’s only 12 months that you might have to get a second job then it doesn’t sound too hard… I’ve always had 2 jobs (FT + PT).

    Profile photo of Corey BattCorey Batt
    Participant
    @cjaysa
    Join Date: 2012
    Post Count: 1,010

    If it’s cheaper than renting – sounds like a good potential option. Manage and mitigate any risks that you can – through buffers, insurances etc. Over the long term you can grow your financial position.

    Corey Batt | Precision Funding
    http://www.precisionfunding.com.au
    Email Me | Phone Me

    Investment Focused Finance Strategist - servicing Australia-wide

    Profile photo of maccmacc
    Participant
    @macc
    Join Date: 2016
    Post Count: 14

    Thanks for the tips and thoughts people appreciated.
    I hear you to Benny , thanks mate,l usually have gut telling me what to do too but every now and then things get a bit blurry and you just can’t tell, hate that.

    Anyway , good news and gut feels great about too. Got the place, great price too and now l can’t wait to get in there so l think l’m all good.
    To right NG , it would be nothing that a second job just for awhile if needed wouldn’t fix anyway.

    Thanks guys , getting exited now. Cheers

    macc

    Vic

    Profile photo of BennyBenny
    Moderator
    @benny
    Join Date: 2002
    Post Count: 1,416

    Hi Macc,

    Sounds like the gut is pretty happy now too !! Well done !! :)

    Benny

    Profile photo of fxdaemonfxdaemon
    Participant
    @fxdaemon
    Join Date: 2013
    Post Count: 114

    Macc sounds like u r definitely in a better situ than myself when we bought our first one
    back in 1996 and it is the typical worst house in the well not too bad street in my case.

    Home ownership added quite a few extra costs then we didn’t budget in and we even had to
    borrow part of deposit at higher rate to make the deal happen. So overall it definitely
    wasn’t the case of cheaper to buy than rent case like yours.

    But we bit the bullet and went out on a limb (:-)) for it based on two simple and naive reasons:
    1. Why pay others’ mortgage
    2. It’s a form of forced saving

    Did it work out ? Yes it did and far exceeding what we originally wanted to achieve.
    It could have gone other way too but if you have done your homework well and know well
    that you are determined to weather the (financial) storm for next 5 years then go for it.

    Best of luck.

    Cheers,
    FXD

Viewing 7 posts - 1 through 7 (of 7 total)

You must be logged in to reply to this topic. If you don't have an account, you can register here.